BUZZ-Performance Sports Group Ltd: Worst day in nearly 2 months

Thu Jun 9, 2016 1:49pm EDT
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** Canadian sports equipment and apparel maker's U.S.-listed shares fall as much as 9.7 pct, worst day in nearly two months

** Company cuts FY forecast for second time this year, now expects fiscal 2016 loss, vs prior view of a profit, due to a 10 pct drop in sales, higher bad debt

** RBC sees limited visibility to EBITDA growth, challenging U.S. retail market for sporting goods, and risk associated with higher leverage in 2017, 2018

** At least three brokerages, including RBC, cut PT, lowering median PT by $1 to $5

** Still, 4 of 7 brokerages covering stock rate it "buy" or higher and 3 "hold"

** More than 2 mln PSG shares traded, 1.4x 30-day moving avg volume

** Up to Wednesday's close, stock had fallen 82.4 pct in past 12 months